NFL urges the Supreme Court to rule on regulation of prediction markets
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NFL → urge → markets
The NFL is urging the Supreme Court to rule on the regulation of prediction markets, arguing in an amicus brief filed that states are better positioned to oversee sports-related contracts “given the current landscape.”
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states → urge → landscape
The NFL is urging the Supreme Court to rule on the regulation of prediction markets, arguing in an amicus brief filed Thursday that states — which already regulate legal sports books — are better positioned to oversee sports-related contracts “given the current landscape.”
The NFL is supporting New Jersey's request for the Supreme Court to rule on the governing authority for prediction markets, which provide an opportunity to trade — or wager — on the result of future events.
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which → urge → events
The Commodity Futures Trading Commission has maintained it has exclusive federal jurisdiction, while states have argued that the array of typically yes-or-no questions is akin to gambling and falls under their purview.
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array → maintain → purview
“Absent the clarity that only this Court can provide, (prediction market) operators will continue exploiting the gap between state and federal regulation, endangering consumers and the integrity of sports events across the country,” lawyers for the NFL wrote.
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lawyers → provide → NFL
According to the NFL's brief, on the first Sunday of this season, more than half of the trading volume on prediction markets — $1.8 billion out of $3.3 billion total — was related to the league.
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half → accord → league
"Any delay from the Court will result in increasing consumer harm and risk to game integrity,” the NFL wrote in its brief.
Kalshi spokeswoman Elisabeth Diana said its top priority is market integrity, and she pointed to its partnerships with the NHL, Major League Baseball and other sports organizations as evidence.
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she → result → evidence
“Contrary to the NFL’s statements, the CFTC is actively policing sports-related markets, which are now listed on nearly every U.S. commodities exchange,” Diana said.
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Diana → police → exchange
"The CFTC’s ongoing rulemaking addresses many of the NFL’s supposed concerns.
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rulemaking → address → concerns
And those rules sit atop the same comprehensive system of federal enforcement that protects trillions of dollars of transactions in U.S. markets.”
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that → sit → markets
A Polymarket spokesperson said the operator “shares the NFL’s commitment to preserving the integrity of the game,” and it is working on "a harmonized federal framework that delivers a stronger, more consistent form of integrity compared to a patchwork of disconnected state laws built for a bygone era.”
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that → say → era
Ohio filed a brief on Wednesday urging the high court to side with New Jersey and preserve the power of all states to regulate prediction markets, as they do casino gambling and sports betting.
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they → file → gambling
The filing was backed by 38 states, including Republican and Democratic attorneys general from states including Arkansas, California, Illinois, Missouri, New York, South Carolina and Pennsylvania.
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filing → back → Arkansas
Roughly 20 states are involved in litigation over prediction markets, and a split has formed between appeals courts, making it more likely that the Supreme Court will take up the issue.
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Court → involve → issue
The 6th and 9th U.S. Circuit Courts of Appeals have ruled in favor of states seeking to regulate prediction markets, while the 3rd U.S. Circuit Court of Appeals agreed with Kalshi in a ruling earlier this year.
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Court → rule → ruling
“As between the two approaches, the NFL believes the Sixth and Ninth Circuits got it right, given the current landscape,” lawyers for the league wrote in their brief.
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lawyers → believe → brief
The NFL also is questioning the CFTC's enforcement capabilities.
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NFL → question → capabilities
In its filing, the league writes that the commission has 543 employees and their responsibilities include a range of derivatives beyond event contracts.
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responsibilities → write → contracts
“Without adequate staff engaged in oversight and enforcement, even the best regulations cannot meaningfully ensure game integrity and consumer protection,” lawyers wrote in the NFL brief.
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lawyers → engage → brief
A message was left by the AP seeking comment from the CFTC.
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message → leave → CFTC
The NFL has urged the CFTC and prediction markets to adopt a list of prohibited wagers that it feels pose the greatest threats to game integrity, according to the brief, but they have declined thus far.
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they → urge → brief
It also has asked the commission to adopt an age limit of 21 for trading on prediction markets, up from the current 18.
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It → ask → 18
Diana said Kalshi has tried to collaborate with the NFL on market integrity, but it has received no response.
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it → say → response
Associated Press writer Marc Levy contributed.
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Levy → contribute → ?
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